The bank continues to be very well capitalized with equity totaling $110.7 million, which equates to a capital leverage ratio of 12.57 percent, well above the regulatory definition of well capitalized. So far this fiscal year, OlyFed has paid out $2.2 million in interest to deposit customers in the first quarter. In addition, the bank experienced growth of $15.6 million in consumer and business loans, helping to strengthen the local economy and housing market.
“We remain fiscally sound with positive net earnings, core checking accounts and non-interest income,” Josh Deck, President & CEO said.
“While national economic conditions continue to influence interest rate compression with financial institutions across the country, our entire team of OlyFedders persist in delivering high-quality customer care as they bring innovative and thoughtful efficiencies to our operations, along with well-diversified revenue streams that consistently produce solid results.”
Beyond OlyFed’s banking operations, the organization’s wealth management program, OFS Financial Services, also finished the quarter strong with $2.6 million in new investments and $2.9 million in growth of assets under management through its partner Cetera Investment Services*.
The bank’s overall financial strength was recognized once again by Bauer Financial, an independent rating agency, who awarded OlyFed a five-star superior rating for the 140th consecutive quarter. Only one percent of the nation’s banks have earned Bauer’s top rating for so long and with such consistency.
OlyFed was able to share in its success by contributing more than $160,000 in donations and sponsorships to 50+ community and nonprofit organizations in the first quarter.
“As a true community bank, we believe in living out our values by investing in the people and neighborhoods that trust and believe in us,” Deck continued. “We’re honored to make this commitment to our community and to invest in improving the overall quality of life.”
Financial results shared in this report are unaudited and are provided for informational purposes. Year-end financial statements are audited and prepared in accordance with the regulatory reporting requirements of the Federal Deposit Insurance Corporation (FDIC) and will be released in summer 2024 after the audit and final report are completed. Olympia Federal Savings (OlyFed) is an equal housing lender and member FDIC.
*OFS Financial Services is a marketing name of Cetera Investment Services and is located at 303 Cleveland Ave SE, Suite 201, Tumwater, WA 98501 • (360) 596-9788. Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.